Business Matters

Monday March 25th 2019

Productivity and efficiency are key drivers of profitability. To make your management task easier, we will regularly post “best practice” articles relating to business management. We would welcome your comments on the articles. Please also share the articles with your friends and colleagues.

The latest Business Matters articles are listed below.

How can I increase client value?

We often discuss the importance of financial planners rethinking the way in which they demonstrate value to their clients with our strategic partners.

Differentiating your value can be quite challenging in an increasingly regulated operating environment and a fiercely competitive industry. You also need to consider the emerging needs of a very connected younger generation, set to inherit the wealth that you have helped your clients to accumulate .

According to Fidelity Clearing & Custody Solutions, keeping clients satisfied and engaged comes down to one key criterion: meeting or exceeding expectations. Client expectations have changed dramatically over the years. Gone are the days when clients relied exclusively on you for updates on their investments, financial plans or technical information. The Internet has changed this and today information are readily available 24/7. As a result, clients now want a different experience from their planners.

Bain and Company has provided an ‘elements of value’ framework which describes 30 fundamental attributes that address four types of consumer needs: 1) Functional; 2) Emotional; 3) Life-changing; 4) Social impact. According to their research, businesses that provided more of these elements experienced better client loyalty and sustained revenue growth.